Matured RRSP including commutation payments
Maturity of an RRSP
A registered retirement savings plan (RRSP) must mature by the end of the year in which the annuitant turns 71 years of age.
A commutation payment is a fixed or single lump-sum payment from your RRSP annuity that is equal to the current value of all or part of your future annuity payments. A commutation payment from your RRSP may be transferred directly to a RRIF, PRPP and SPP or to buy yourself an eligible annuity. You can use Form T2030, Direct Transfer Under Subparagraph 60(l)(v) to make this request.
If the RRSP or SPP from which you receive the withdrawal or commutation payment in 2019 is a spousal or common-law partner RRSP, or the RRIF from which you receive excess amounts in 2020 is a spousal or common-law partner RRIF, or the RRIF from which you receive excess amounts in 2020 is a spousal or common-law partner RRIF, and your spouse or common-law partner made contributions to any of your RRSPs in 2018, 2019, or 2020, your spouse or common-law partner may have to include in income all or part of the amount received. For more information, see Withdrawing from spousal or common-law partner RRSPs.
Amounts must be transferred to a RRIF if you were over 71 years old at the end of the tax year.
Filling out your Income Tax and Benefit Return
The payment is shown in box 22 of your T4RSP slip. Report this amount on line 12900 of your Income Tax and Benefit Return.
If the payment is transferred to your RRIF or used to purchase an eligible annuity, claim the amount on line 23200 of your return.
If you received the commutation payment in cash or cheque, the payment is not considered to be a transfer, therefore a deduction cannot be claimed.
Forms and publications
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